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This article originally appeared in the mid-September 2016 issue of The Bottom Line.
United States has formally adopted country-by-country reporting, a key move in the global fight to prevent corporate profits from artificially shifting to a lower taxed jurisdiction. Canada is on track to join the U.S. and other countries such as Australia, France and the Netherlands which have also approved it.
Final regulations issued by the Treasury Department and Internal Revenue Service specify that the U.S. parent of multinational enterprises with at least US$850 million in annual revenue must begin to report data by jurisdiction to the IRS in its first fiscal year beginning on or after June 30, 2016.
Melinda Nguyen-Raybould, a Toronto-based partner with MNP LLP’s transfer pricing international tax services weighs in. Read the full Bottom Line article here.
Related Topics:Accounting Standards; Canada Revenue Agency; Financial Reporting
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